What Should You Do If Your Group Health Coverage Ends

You know what a great relief it can be if you have been on group health insurance. Group coverage works great for many people because of the limited flexibility in plan design and not many choices makes choosing your plan easy. Group plans are typically loaded with many great benefits that satisy most peoples needs. If you were unfortunate enough to have recently lost these benefits then you may be going a litte stir crazy figuring out your options. Their are numerous options from various individual carriers to choose from but it can be overwhelming to figure out what is right for you. You should consider working with a local independent health insurance agent. A good agent will take the time to explain your plan options and how different carriers will work for your situation.

You must know what your health insurance needs are in order to find the right plan. When coming off of group coverage the first thing that needs to be addressed is if you have any preexisting conditions and if so how will this affect your ability to obtain coverage with an individual plan. As long as you haven't had a lapse in coverage your preexisting conditions will be covered and you are guaranteed coverage. Once you have lost your group coverage your previous employer will offer you a COBRA coverage which is simply a continuation of your current plan but the premium will not be subsidized by your employer. If your preexisting condition is diabetes, heart attack, cancer, stroke or other major conditions, although expensive, COBRA will probably be your only option until you can secure another group plan through a new employer. Keep in mind that COBRA is only temporary and usually ends after 18 months.

An individual health insurance plan may be the right option for you if you don't have any preexisting health conditions or the ones you have aren't really severe. In choosing an individual plan the main things you will want to understand is if your doctors are in the network, what your deductible and coinsurance options are, and whether or not a comprehensive copay plan or a catastrophic plan will be better for you. You have some flexibility in many these choices which allows you to customize the plans so that you can get something that not only protects you from bankruptcy in the event the big one hits you but also one that doesn't cost you an arm and a leg each month in premiums.

Getting health insurance when coming off a group plan is all about knowing what your needs and options are. By working with local independent agent you can learn about the common problems and avoid them by taking experienced advice.